The BCP board of directors said in a statement that it took a decision it believed is most balanced.
“With the information we have about the operation, which is not complete, we consider it is very important to clarify a legal question, but they have not asked to suspend the operation”, the BCP boss said.
What is in question is the fact that in the agreement to sell 75 percent of Novo Banco to Lone Star, the bank resolution fund may be called to inject up to €3.89 billion into Novo Banco for losses that are recognised with the so-called toxic assets (non-performing loans and real-estate) and the sale of non-core operations that alter the bank’s capital ratios.